What benefits are there, to having good Business Plans ?Many people think of business plans as documents predominantly used to secure external funding.
This is important - as potential investors, including banks, may invest in your idea, work with, or lend you money as a result of the strength of your plan. But there are other benefits to creating and managing a realistic business plan - even if you just use it in-house.
What are the benefits?1. Help you spot potential pitfalls before they happen.2. Structure the financial side of your business efficiently. 3. Focus your development efforts. 4. Can be used as a measure of your success. Who wants to see your Business Plan ?The following people, or institutions may request to see your plan at some stage:1. Banks. 2. External Investors - whether this is a friend, a venture capitalist firm, or a business angel. 3. Grant Providers. 4. Anyone interested in buying your business. 5. Potential senior partners. You should also bear in mind that a business plan is a living document that will need updating and changing as your business expands. Regardless of whether you intend to use your plan internally, or as a document for external people, it should still take an objective and honest look at your business. Failing to do this could mean that you and others have unrealistic expectations of what can be achieved and by when.
Back to top of 'Business Plans' page Return to 'Home Business' Home Page
|
